TORONTO, June 5, 2015 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX:LAM, ASX:LAM) intends to extend the expiry date of two series of common share purchase warrants, for a twelve-month period.
The Company proposes to extend the expiry date of the following warrants:
- a total of 1,946,250 common share purchase warrants issued on December 24, 2013 (the "Series A Warrant"), as part of the private placement which closed on December 24, 2013, having an original expiry date of June 19, 2015; each Series A Warrant entitles the holder to purchase one common share of the Company at a price of $0.60 per share and one common share purchase warrant (each a "Series B Warrant"), each Series B Warrant entitling the holder to purchase one common share of the Company at a price of $0.80 per common share.; and
- a total of 1,946,250 Series B Warrants, which are to be issued upon exercise of a Series A Warrant, having an original expiry date of December 23, 2016;
The Company has applied to the Toronto Stock Exchange to extend the expiry date of the Series A Warrants and Series B Warrants for a twelve-month period to June 19, 2016 and December 23, 2017, respectively. There will be no other changes to these warrants. An aggregate of 3,892,500 common shares are issuable upon exercise of the Series A and Series B Warrants which represents a dilution of 4.6% based on the issued and outstanding common shares as at June 5, 2015.
To the extent that any Series A Warrants and Series B Warrants are held by insiders of the Company, such warrants will be excluded from the extension and would expire on their original expiry date.
As at close of business on June 4, 2015, the closing price of the common shares of the Company was$0.24.
The extension of the expiry dates of the Series A Warrants and Series B Warrants requires TSX approval. The effective date of the amendment is anticipated to be June 19, 2015.
For further information on Laramide, please visit www.laramide.com
About Laramide Resources:
Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint ventures in the Northern Territory, Australia, strategic equity positions and a portfolio of uranium royalties in the Grants Mineral District of New Mexico.
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Laramide Resources Ltd.
For further information: Marc Henderson, President and Chief Executive Officer, Toronto, Canada +1 (416) 599 7363; Bryn Jones, Chief Operating Officer, Australia, Brisbane, Australia +61 (7) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada +1 (416) 599 7363